Ashford Goes on Shopping Spree
- Jun 15, 2015
Ashford Hospitality Prime, Inc. has acquired the leasehold interest in the Bardessono Hotel and Spa, an award-winning 62-room hotel in Yountville, Calif., for $85 million.
The acquisition is expected to close in approximately 30 days, subject to customary closing conditions.
“The Bardessono is an extremely high-quality asset with a great location in the attractive Napa Valley,” Deric Eubanks, Ashford’s CFO, told Commercial Property Executive. “It’s extremely difficult to build hotels in that area, so the ability to buy a hotel of this quality with a great location in a market with very high barriers to entry was attractive to us.”
Built in 2009, the hotel offers 62 luxurious rooms with a primary focus on green practices. It is the only LEED Platinum certified hotel in the state and one of only three LEED Platinum certified hotels in the entire U.S.
The hotel features well-appointed guestrooms and suites with private patios/balconies, the acclaimed Lucy restaurant and bar, an on-site spa, fitness center and 6,065 square feet of indoor and outdoor meeting space. The property’s outdoor amenities include a rooftop resort-style pool, landscaping and water features, a vegetable garden, high-profile art sculptures and the availability of carbon fiber bicycles and Lexus Hybrid vehicles for guest use.
It also boasts a RevPAR of over $550.
“Ashford Prime focuses on high-quality hotels with RevPAR greater than two times the national average and located in gateway and resort markets,” Eubanks added. “The fundamentals in lodging are very attractive right now with demand growth continuing to exceed supply growth. We have been actively reviewing acquisition opportunities and the Bardessono fits perfectly within our investment strategy.”
Located approximately 60 miles north of San Francisco, the hotel enjoys a central location in the heart of the Napa Valley and its famed wine and culinary destinations. The region is also known as a popular leisure destination for hiking, biking, golfing, shopping and festivals.
According to Eubanks, Ashford will transition the property management to Remington Lodging, and there are no plans at this time for any renovations to the six-year-old property.
“We are confident in Remington’s ability to take over property management of this hotel given its experience managing other luxury resort properties,” he concluded.